HC Wainwright Issues Pessimistic Forecast for Elevation Oncology (NASDAQ:ELEV) Stock Price

Elevation Oncology (NASDAQ:ELEV) had its target price reduced by analysts at HC Wainwright from $6.00 to $1.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 259.71% from the company’s current price.

ELEV has been the subject of a number of other research reports. Stephens reiterated an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. JMP Securities reiterated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, William Blair reiterated an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.96.

Elevation Oncology Trading Down 41.8 %

NASDAQ ELEV opened at $0.28 on Friday. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a twelve month low of $0.24 and a twelve month high of $5.83. The firm has a market capitalization of $16.46 million, a PE ratio of -0.34 and a beta of 1.37. The stock’s 50 day moving average is $0.60 and its 200 day moving average is $0.60.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. Research analysts forecast that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Velan Capital Investment Management LP purchased a new position in shares of Elevation Oncology in the fourth quarter worth $25,000. Two Sigma Advisers LP increased its position in Elevation Oncology by 47.8% during the fourth quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock valued at $47,000 after acquiring an additional 27,300 shares during the last quarter. Stonepine Capital Management LLC purchased a new stake in Elevation Oncology during the fourth quarter valued at $113,000. Millennium Management LLC increased its position in Elevation Oncology by 3.9% during the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after acquiring an additional 30,466 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Elevation Oncology by 550.5% during the fourth quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock valued at $106,000 after acquiring an additional 159,751 shares during the last quarter. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Elevation Oncology Company Profile

Elevation Oncology, Inc, an oncology company, focuses on the discovery and development of cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The company's lead candidate is EO-3021, an antibody-drug conjugate designed to target Claudin 18.2, a clinically validated molecular target.